Denmark is expected to become a net oil importer from 2018 onwards after 25 years as an exporter, according to a forecast of the Danish Energy Agency on late Thursday.
The agency said that 2017 was the last year in which Denmark produced more oil than the country consumed.
"The country is expected to be a net importer of oil from 2018. However, Denmark is still expected to remain a net exporter of gas until 2035," the agency said.
The Danish agency said that since 1993, Denmark was the only country in the EU to have been a net exporter of oil and gas.
"For oil, that position will end in 2018. Except for 2024, the Danish consumption of oil is expected to exceed the amount that we produce in the Danish part of the North Sea," the agency noted.
According to the agency's calculations, the change in oil production forecast stems from an overall write-down of expected oil production - totaling an 8 percent reduction compared to last year's forecast.
"Furthermore, the start-up dates for several fields and discoveries are expected to be postponed and the reconstruction of some facilities, such as Tyra, will result in a decrease in oil production in 2020 and 2021," it explained.
The Tyra field, located in the Danish North Sea, is Denmark's largest gas field.
"Denmark is expected to continue to be a net exporter of gas until 2035, except for the years 2020 and 2021, where a significant decline in gas production is expected due to the planned reconstruction of the Tyra facilities," the agency explained.
By Murat Temizer